公司多角化程度的改變與其相關因子之探討

由於工業發展以及企業的國際化，公司行號在21世紀已經變得更大而且更複雜，許多公司也開始拓展產品與服務來提升公司收入與價值，因此有很多的文獻在探討多角化的策略對於公司價值的影響，但卻很少有文獻探討從以前到現在公司多角化策略的長期變化。本文章主要在探討公司在公開發行之後，隨著時間經過在多角化策略上的變化，並探討在價值可能減損或獲得綜效情況之下，經理人是否會繼續實施多角化策略亦或專注化。觀察1978年至2007年公開市場發行的公司多角化程度的改變，以發現公司在公開發行之後，隨著時間的經過，會傾向多角化，也同時觀察到1980年間的公司，仍是傾向於多角化，與過去的一些認為是專注化的研究結果產生歧異，這很可能是由估計方法的不同所導致。本研究最後也將使用probit統計模型以及COMPUSTAT資料庫的財務資料去測試多角化程度改變的關鍵因素。最後將利用結果來推論多角化是否與公司營運與財務績效有重要的相關性。

關鍵字

多角化；趨勢；股票公開發行；營運積效

並列摘要

As with the industrial development and business globalization, corporations have become larger and more complicated in the twentieth century. Many firms also manage to expand products and services to increase their return and value. As a result, considerable literature can be found mainly involving in firm value of diversification but few articles observe the longitudinal dynamics of firm diversification. This article mainly investigates that after initial public offering (IPO) how companies change their diversification degree over time and that in the conditions of value decrease or addition whether managers choose to diversify or refocus. This article examines the evolution of firms that launch initial public offering from 1978 to 2007 to recognize whether U.S. corporations become diversified or focused and what factor would influence the diversification. It is observed from this study that between 1978 and 2007, firms would involve in diversification programs over time and that the diversification trend also prevailed in 1980s, in which the result is different from previous prior studies. It probably results from the method of the distinctive diversification measure. The probit statistic model and financial reports mainly from COMPUSTAT data are used to testify what elements contribute to the refocused effect. The results will be inferred to figure out if the diversification is relevant to corporate operating or financial performance.

並列關鍵字

diversification ； dynamics ； IPO ； trend ； financial performance

參考文獻

Aggarwal, R. K., and A. A. Samwick, 2003, "Why Do Managers Diversify Their Firms? Agency Reconsidered," The Journal of Finance, 58, 71-118.

Berger, P. G., and E. Ofek, 1995, "Diversification's effect on firm value," Journal of Financial Economics, 37, 39-65.

Bhagat, S., A. Shleifer, R. W. Vishny, G. Jarrel, and L. Summers, 1990, "Hostile Takeovers in the 1980s: The Return to Corporate Specialization," Brookings Papers on Economic Activity. Microeconomics, 1990, 1-84.

Billett, M. T., and D. C. Mauer, 2003, "Cross-Subsidies, External Financing Constraints, and the Contribution of the Internal Capital Market to Firm Value," The Review of Financial Studies, 16, 1167-1201.

Campa, J. M., and S. Kedia, 2002, "Explaining the Diversification Discount," The Journal of Finance, 57, 1731-1762.

國際替代計量

公司多角化程度的改變與其相關因子之探討

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